404.1 Area established by city or county. The governing body of a city may, by ordinance, designate an area of the city or the governing body of a county may, by ordinance, designate an area of the county outside the boundaries of a city, as a revitalization area, if that area is any of the […]
404.2 Conditions mandatory. A city or county may only exercise the authority conferred upon it in this chapter after the following conditions have been met: 1. The governing body has adopted a resolution finding that the rehabilitation, conservation, redevelopment, economic development, or a combination thereof of the area is necessary in the interest of the […]
404.3 Basis of tax exemption. 1. All qualified real estate assessed as residential property is eligible to receive an exemption from taxation based on the actual value added by the improvements. The exemption is for a period of ten years. The amount of the exemption is equal to a percent of the actual value added […]
404.3A Residential development area exemption. Notwithstanding the schedules provided for in section 404.3, all qualified real estate assessed as residential property, excluding property classified as residential property under section 441.21, subsection 14, paragraph “a”, subparagraph (6), in an area designated under section 404.1, subsection 5, is eligible to receive an exemption from taxation on the […]
404.3B Abandoned real property exemption. 1. Notwithstanding the schedules provided for in section 404.3, a city or county may provide that all qualified real estate that meets the definition of abandoned as stated in section 657A.1 is eligible to receive an exemption from taxation based on the schedule set forth in subsection 2 or 3. […]
404.4 Prior approval of eligibility. 1. A person may submit a proposal for an improvement project to the governing body of the city or county to receive prior approval for eligibility for a tax exemption on the project. The governing body shall, by resolution, give its prior approval for an improvement project if the project […]
404.5 Physical review of property by assessor. 1. The local assessor shall review each first-year application by making a physical review of the property, to determine if the improvements made increased the actual value of the qualified real estate by at least fifteen percent or at least ten percent in the case of real property […]
404.6 Relocation expense of tenant. Upon application to it and after verification by it, the city or county shall require compensation of at least one month’s rent and may require compensation of actual relocation expenses be paid to a qualified tenant whose displacement is due to action on the part of a property owner to […]
404.7 Repeal of ordinance. When in the opinion of the governing body of a city or county the desired level of revitalization has been attained or economic conditions are such that the continuation of the exemption granted by this chapter would cease to be of benefit to the city or county, the governing body may […]
